The Cooper Tire & Rubber Foundation, the philanthropic arm of Cooper Tire & Rubber Co., has established the Roy V. Armes scholarship. The new fund is in recognition of the contributions and achievements of Cooper Chairman, CEO and President Roy Armes, who is retiring from the company and its board of directors effective Aug. 31 after nearly 10 years of service.

The new scholarship is designed to assist the children of Cooper employees in the United States who are graduating high school seniors going on to study at an accredited four-year college or university, majoring in either business or engineering. Each year, one student will be awarded the Armes scholarship and will receive $5,000 toward their continued education. In addition to other qualifying criteria, applicants will be required to write an essay about leadership, a topic that Armes has championed for decades. The first Armes scholarship will be awarded in 2017.

“Roy greatly values education and believes that leadership skills are an essential element for young people to possess in today’s global economy. We could not think of a better way to honor his many accomplishments and contributions than to establish a scholarship in his name that will be awarded in perpetuity, assuring a lasting legacy,” said Brad Hughes, Cooper’s chief operating officer, who will assume the role of president and CEO of Cooper effective upon Armes’ retirement. “We are pleased to honor Roy in a way that is connected to his personal values of education and leadership and underscores his strong commitment to the people of Cooper.”

The Armes scholarship will be administered by the Findlay-Hancock County Community Foundation, an independent philanthropic agency that manages more than 350 funds, including more than 100 scholarships.